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Feb 16, 2013 1:30pm EST
households and the government. we project an inflation adjusted gdp will increase by about 1.5% in 2013. it would increase roughly 1.5 percentage point faster were it not for that fiscal tightening. under current law we expect the unemployment rates will stay above 7.5% through next year. that would make 2014 the sixth consecutive year with them -- with unemployment so high since the 1930's. we expect gdp will pick up to 3.5% in 2014 and the following four years. the gaps between the gdp and what it is capable of producing on a sustained basis will still not close quickly. under current law we expect output to remain below potential levels until 2017, nearly a decade after the recession started in december 2007. the nation has paid and will continue to pay a big price for the recession and slow recovery. we estimate the total loss in output relative to the potential in 2007 to 2017 will be equivalent to half of the total output of the -- the total outlook the country produced last year. the federal budget deficit will shrink in 2013 for the fourth year in a row. an estimated $845 billio
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